The Economic and Financial Crimes Commission (EFCC) has secured the fresh conviction of a Nigerian crypto company, Plip Global Ventures, which admitted to illegally conducting USDT-to-Naira transactions without a banking license.
The conviction, which resulted in the firm forfeiting N25 million to the federal government, was handed down on Monday by Justice Inyang Ekwo of the Federal High Court, Abuja, in case number FHC/ABJ/CR/294/2024.
This latest ruling adds to the growing number of convictions related to illegal crypto trading in Nigeria, following plea bargains between suspected companies and the EFCC.
What Happened in Court
- At its arraignment on Monday, the company was charged with failing to report a single transfer of N100 million into its account to the Special Control Unit against Money Laundering (SCUML) of the EFCC, as required under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022
- The transaction was said to have happened in December 2023.
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